Macca's vintage Aston Martin sells for over £300k
It was one of 93 classic cars up for auction that are expected to bring in a total of between £18 million and £20 million.
Peter Wallman of RM Auctions said the fame of both the car and its previous owner made it a particularly special item.
Speaking ahead of the auction, he said: "The Aston Martin DB5 is one of the most iconic cars in the world, driven by James Bond. And we're talking about one of the most iconic super groups of the 1960s.
"We've sold a couple of cars owned by Steve McQueen which have sold for eight, nine, 10 times what they would be worth if they were just regular cars."
Sir Paul bought the dark blue car in 1964 – weeks after The Beatles' appearance on The Ed Sullivan Show and just before the band started a world tour.
He had the it fitted with a black leather interior, Motorola radio and even a record player.
The Aston Martin DB5 was delivered to the musician's accountants when it left the factory in July 1964 and became a regular feature of Sir Paul's 1960s lifestyle, according to contemporary records.
A profile of the singer in Time magazine in September 1967 noted: "Bachelor Paul, 25 (his favourite 'bird' is 21-year old actress Jane Asher), is a movie addict, loves 'the look of London', and tools around town in a spiffy blue Aston Martin DB5".
It is believed Sir Paul eventually sold the car in 1970, having racked up around 40,000 miles on the clock. He has owned a number of other Aston Martins since.
George Harrison also owned a DB5 model, which sold for 464,000 US dollars in 2007, which would be £288,000 according to today's exchange rate.
A 1998 Ferrari F300 Formula One racing car used by Michael Schumacher and Eddie Irvine failed to sell.